The term of the performance bond shall not exceed two years in duration subject to the following.
(A) (1) If at the end of the two-year period, all the improvements reflected by the approved improvements plan(s) have not been completed, the County Board may agree to extend the terms of the performance bond for a period not to exceed one additional year at each extension if, after review, such longer period is necessary to facilitate adequate and coordinated provisions for transportation, water, sewerage, schools, parks, playgrounds or other public requirements.
(2) If said improvements have not been completed at the end of the two-year period or as extended, the County Board may:
(a) Require the surety to perform on the bond and pay to the County such amount as shall be equal to the amount required to complete the improvements; and
(b) Require the developer to submit a new performance guarantee or bond which has been recalculated in order to allow for any inflation in the case of constructing improvements.
(Ord. passed 10-14-2003; Ord. passed 11-10-2003; Ord. passed 11-14-2004; Ord. passed 9-11-2007)